Insured against catastrophes? But storm surge damage isn't covered by mandatory insurance . Cyclone Harry exposes a significant flaw in the catastrophe insurance that Italian businesses have been required to carry since January 1st.
Introduced by the 2024 Budget Law and coming into force after several extensions, the Cat Nat covers damage caused by earthquakes, landslides, floods, and inundations (but only, strictly speaking, in the case of water leaking from its bed), but not damage caused by so-called water bombs or, indeed, storm surges or tsunamis . A mockery for the many entrepreneurs (not all) who, depending on the case, have shelled out thousands of euros.
"We insurers," Antonio Pirro, an agent based in Cagliari, raises his hands, "have simply implemented a regulation desired and written by the legislator."
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